NEW YORK, N.Y. – Regulators are closing a small Tennessee bank, marking the second failure of a federally insured bank this year.
The Federal Deposit Insurance Corp. said that Trust Co. Bank of Memphis, Tennessee, was closed Friday,
As of Dec. 31, Trust Co. Bank had about $20.7 million in total assets and $20.3 million in total deposits. It operated four branches.
The Bank of Fayette County of Piperton, Tennessee, agreed to buy about $3.9 million of the failed bank’s assets and assume all of its deposits.
The failure is expected to cost the FDIC $7.2 million.